Abstract: A portable combination anti-theft lock and alarm to prevent the theft or displacement of protected property and comprising a housing, an audible alarm and alarm circuit located within the housing, and a flexible electrically conductive locking cable having a first end that is fixedly attached to the housing and an opposite free end which is detachably connected to the housing. The alarm circuit is adapted to activate the alarm and cause a loud warning signal to be emitted through the housing in the event that either the cable or the housing is vandalized by a thief in an effort to gain access to the protected property. More particularly, the alarm will be activated if the cable is either severed or jumped by a shunt wire. The alarm will also be activated if the housing is cut or a battery cover plate is removed from the housing without properly operating an associated lock assembly.